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Target (TGT) Stock Drops Despite Market Gains: Important Facts to Note
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In the latest trading session, Target (TGT - Free Report) closed at $167.11, marking a -0.71% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 0.87%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq added 1.11%.
The retailer's shares have seen a decrease of 0.2% over the last month, surpassing the Retail-Wholesale sector's loss of 3.67% and the S&P 500's loss of 3.97%.
Investors will be eagerly watching for the performance of Target in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 22, 2024. On that day, Target is projected to report earnings of $2.02 per share, which would represent a year-over-year decline of 1.46%. Simultaneously, our latest consensus estimate expects the revenue to be $24.49 billion, showing a 3.29% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $9.39 per share and revenue of $106.62 billion, which would represent changes of +5.03% and -0.74%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Target. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Target possesses a Zacks Rank of #3 (Hold).
Looking at valuation, Target is presently trading at a Forward P/E ratio of 17.92. Its industry sports an average Forward P/E of 21.28, so one might conclude that Target is trading at a discount comparatively.
It is also worth noting that TGT currently has a PEG ratio of 1.58. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Retail - Discount Stores industry had an average PEG ratio of 1.9.
The Retail - Discount Stores industry is part of the Retail-Wholesale sector. Currently, this industry holds a Zacks Industry Rank of 57, positioning it in the top 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Target (TGT) Stock Drops Despite Market Gains: Important Facts to Note
In the latest trading session, Target (TGT - Free Report) closed at $167.11, marking a -0.71% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 0.87%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq added 1.11%.
The retailer's shares have seen a decrease of 0.2% over the last month, surpassing the Retail-Wholesale sector's loss of 3.67% and the S&P 500's loss of 3.97%.
Investors will be eagerly watching for the performance of Target in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 22, 2024. On that day, Target is projected to report earnings of $2.02 per share, which would represent a year-over-year decline of 1.46%. Simultaneously, our latest consensus estimate expects the revenue to be $24.49 billion, showing a 3.29% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $9.39 per share and revenue of $106.62 billion, which would represent changes of +5.03% and -0.74%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Target. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Target possesses a Zacks Rank of #3 (Hold).
Looking at valuation, Target is presently trading at a Forward P/E ratio of 17.92. Its industry sports an average Forward P/E of 21.28, so one might conclude that Target is trading at a discount comparatively.
It is also worth noting that TGT currently has a PEG ratio of 1.58. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Retail - Discount Stores industry had an average PEG ratio of 1.9.
The Retail - Discount Stores industry is part of the Retail-Wholesale sector. Currently, this industry holds a Zacks Industry Rank of 57, positioning it in the top 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.